Homeowners Win Class Cert. In Bear Stearns Mortgage Row

Law360, New York (September 27, 2012, 10:01 PM EDT) -- A federal judge on Wednesday certified a class of California homeowners who claim a unit of the now-defunct Bear Stearns & Co. duped them into artfully worded adjustable-rate mortgages that stuck them with unwieldy monthly payments in the years leading up to the 2008 financial crisis.

Without hearing oral arguments, Judge S. James Otero determined three homeowners — Joseph A. Monaco, Anita M. Monaco and James Brandt — sufficiently demonstrated in their February motion for class certification that Bear Stearns Residential Mortgage Corp. and servicer EMC...
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